The invention discloses a preparation method of an improved low-smoke halogen-free cable rubber jacket. The preparation method includes following steps: A, using EPDM rubber, methyl vinyl silicon rubber, 1, 3-acetone dicarboxylic acid diethyl ester, tetrabutyl ammonium hydrogen phosphate, dimethyl urea, m-caborane, 3-methoxy benzene methanol, 3-nitro-4-aminophenol, calcium sulfate, carbon black and zirconium oxide to preparing a cable inner jacket; B, using polyethylene, EVA rersin, EDTA, dicumyl peroxide, triethanolamine, tertbutyl isosulfate, 3-nitro-4-methyl acetophenone, potassium hydrogen sulfate, dibutyl fumarate and benzoyl acetonitrile to prepare a cable outer jacket; C, socketing the cable inner jacket prepared in the step A and the cable outer jacket prepared in the step B, and filling a flame retardant between the cable inner jacket and the cable outer jacket. By the preparation method, the defects of the prior art can be overcome, and mechanical performance of cables is improved further.